Four-bank consortium to invest £200m in housebuilding firm Hill

Housebuilding company Hill has secured a £200m revolving credit facility from a group of four UK banks.

The firm will use the nine-figure boost to support a strategic objective of growing its joint venture and long-term regeneration work.

The facility will also allow Hill to invest in new opportunities and expand its current land bank.

RBS, Lloyds, HSBC and Santander are the banks in the group, which provided Hill with a £150m facility in 2015.

The new deal represents a refinancing of the previous revolving credit facility.

Established by Andy Hill in 1999, the company has since grown to become the third-biggest privately owned and family-controlled housebuilder in the UK.

Hill’s turnover stood at £367m in 2016, but the company is looking to grow that figure to over £1bn by the end of 2023.

Hill chief executive Andy Hill said: “Since founding the company almost 20 years ago, we have made significant strides and are proud to have established ourselves as a major player in the UK housebuilding sector.

“Both 2016 and 2017 were landmark years for our corporate development and this new financing facility gives us headroom to further invest in new opportunities, with a particular focus on joint ventures and regeneration.”

He continued: “This commitment from four major high street lenders is a sign of the confidence that the banks have in our ability to build on our current success and to continue to deliver outstanding results over the next five years.

“To enable us to scale up, we’ll be recruiting an additional 20% more staff this year as we seek to bolster our skills internally and deliver more distinctive, quality homes across London and the South East.”

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